Nonlinear Returns to Signaling
| Dependent Variable | ||||||||
|---|---|---|---|---|---|---|---|---|
| Project Value (Log) | Number of Projects | Number of Projects > 0 | Earnings | |||||
| (1) | (2) | (3) | (4) | (5) | (6) | (7) | (8) | |
| Number of microcredentials | 0.154*** | 0.057*** | 0.023*** | 0.024*** | 0.004*** | 0.012*** | 10.740*** | 8.328*** |
| (0.029) | (0.010) | (0.002) | (0.002) | (0.001) | (0.001) | (1.695) | (1.339) | |
| Number of microcredentials2/10 | −0.044* | −0.010* | −0.004** | −0.004** | −0.001 | −0.002*** | −1.487** | −1.106** |
| (0.014) | (0.003) | (0.001) | (0.001) | (0.001) | (0.001) | (0.382) | (0.310) | |
| Fixed effects | Event | Worker | Event | Worker | Event | Worker | Event | Worker |
| Observations | 32,975 | 32,975 | 178,478 | 178,478 | 178,478 | 178,478 | 178,478 | 178,478 |
| Adjusted R2 | 0.463 | 0.370 | 0.363 | 0.247 | 0.272 | 0.213 | 0.056 | 0.018 |
Notes: In addition to the variables reported, all models include year dummies, an average rating for completed projects, a dummy variable with the value 1 if a worker does not have ratings from past projects, cumulative (arsinh‐transformed) dollars earned on the platform, and the cumulative number of completed projects on the platform, measured at the time of project start. Standard errors are clustered on the worker level. The significance levels in all specifications are: *** = 0.1%, ** = 1%, * = 5%, and + = 10%.